• The D.C. Circuit reviewed a 2015 FCC order that interpreted the TCPA’s prohibition against using automated dialing devices to make unsolicited calls to cellular telephones. The court set aside two portions of the 2015 Order...more
3/21/2018
/ Appeals ,
Arbitrary and Capricious ,
Automated Systems ,
Cell Phones ,
Class Action ,
Consent ,
FCC ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Opt-Outs ,
Reassigned Phone Numbers ,
Revocation ,
Robocalling ,
Safe Harbors ,
TCPA ,
Telecommunications
• Disclosures must inform investors about material cybersecurity risks and incidents, including addressing material cybersecurity risks for cyber-attacks that have not yet occurred.
• Comprehensive policies and procedures...more
3/1/2018
/ Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Financial Statements ,
Insider Trading ,
Investors ,
Materiality ,
MD&A Statements ,
New Guidance ,
Non-Public Information ,
Policies and Procedures ,
Regulation FD ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
Nearly 30 years ago the Fair Isaac Corporation (“FICO”) first introduced its metric for measuring creditworthiness. Since then, the FICO Score has become a default metric used by countless market participants to facilitate...more
2/27/2018
/ Chamber of Commerce ,
Cloud Service Providers (CSPs) ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Insurance Industry ,
Internet ,
Rating Agencies ,
Security Risk Assessments ,
Small Business ,
Underwriting ,
Vendors
• The DOJ has streamlined its process for reviewing CAFA settlement notices.
• The DOJ will likely become more aggressive in reviewing class action settlements for fairness, reasonableness and conformity with DOJ policy...more
• A judge in the Northern District of Illinois held that the U.S. Supreme Court’s decision in Bristol-Myers Squibb Co. v. Superior Court of California, 137 S. Ct. 1773 (2017) is applicable to personal jurisdiction...more
• For the second time in 2017, the Delaware Supreme Court reversed a Chancery Court’s decision to assign little or no weight to deal price in appraisal cases
• In both cases, the court remained firm in its decision not to...more
12/22/2017
/ Abuse of Discretion ,
Appraisal ,
Appraisal Rights ,
Buyouts ,
Competition ,
DE Supreme Court ,
Delaware General Corporation Law ,
Dell ,
Fair Market Value ,
Remand ,
Reversal
• Directors were not entitled to stockholder ratification defense where stockholders only approved the general parameters of director and employee bonuses
• This marks the first time in nearly 60 years that Delaware’s...more
12/22/2017
/ Appeals ,
Board of Directors ,
Bonuses ,
Breach of Duty ,
Corporate Counsel ,
DE Supreme Court ,
Derivative Suit ,
Director Compensation ,
Discretionary Clauses ,
Dismissals ,
Equity Plans ,
Fairness Standard ,
Fiduciary Duty ,
Incentive Compensation ,
New Guidance ,
Ratification ,
Reversal ,
Self-Dealing ,
Shareholder Approval ,
Shareholder Litigation
• NAIC recently adopted an Insurance Data Security Model Law that follows the risk assessment-based approach of the New York DFS Cybersecurity Regulation. This signals the growing influence of the New York Regulation,...more
11/1/2017
/ Cyber Insurance ,
Cybersecurity ,
Data Security ,
Department of Financial Services ,
Health Insurance Portability and Accountability Act (HIPAA) ,
National Association of Insurance Commissioners ,
Non-Public Information ,
Notification Requirements ,
Personally Identifiable Information ,
Reinsurance ,
Risk Assessment ,
The Model Law ,
Third-Party Service Provider
On October 11, 2017, the National Association of Insurance Commissioners and the Stanford Cyber Initiative held a joint conference on various topics related to cyber insurance. Below are key takeaways and hot topics discussed...more
Federal securities fraud class action filings have been on a meteoric rise over the past 18 months. According to a recent report released by Cornerstone Research, plaintiffs filed 226 new federal securities fraud class action...more
Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more
7/1/2017
/ CalPERS v ANZ Securities ,
Class Action ,
Equitable Tolling ,
Opt-Outs ,
Pension Funds ,
SCOTUS ,
Section 11 ,
Section 13 ,
Securities Act ,
Securities Act of 1933 ,
Securities Fraud ,
Securities Litigation ,
Statute of Limitations ,
Statute of Repose ,
Underwriting
The year 2016 was the biggest yet for U.S. securities class action settlements. On June 14, 2017, Securities Class Action Services, a division of Institutional Shareholder Services, Inc., released its updated list of the top...more
New York Financial Regulator to Enforce First-of-Its-Kind Cybersecurity Regulations in Coming Weeks -
On December 28, 2016, the New York Department of Financial Services (NYDFS) issued revised cybersecurity regulations...more
Here is our annual list of hot topics for the boardroom in the coming year:
Corporate strategy: Oversee the development of the corporate strategy in an increasingly uncertain and volatile world economy with new and more...more
In April 2016, President Obama appointed the Commission on Enhancing National Cybersecurity (the “Commission”) to assess the state of our cybersecurity and develop actionable recommendations for securing the digital economy...more
On October 19, 2016, the Court of Justice of the European Union (CJEU) issued a judgment determining that dynamic Internet protocol (IP) addresses may constitute “personal data” subject to protection under the EU’s Data...more
New York Governor Andrew Cuomo announced last week a first-of-its-kind cybersecurity program for New York-regulated financial services companies that would impose broad new cybersecurity program requirements and require the...more
On August 1, 2016, the Department of Commerce began accepting applications for self-certification under the new Privacy Shield requirements. Privacy Shield was approved by the European Union (EU) on July 12, 2016, and...more
The hurdles for claims against directors for failed oversight in connection with data breaches continue to increase. On July 7, 2016, District of Minnesota Judge Paul Magnuson released derivative claims against top Target...more
On July 8, 2016, the European Commission Article 31 Committee, consisting of representatives from each of the EU member states, approved the revamped EU-U.S. Privacy Shield. This news marks a significant step forward for the...more
On May 23, 2016, plaintiffs and Illinois residents Jose Luis Martinez and Malcolm Neal filed a class action in California state court claiming that “Snapchat is actively collecting, storing, and using the biometrics of its...more
The SEC has taken a new enforcement action, demonstrating its expectations of industry and the willingness to use the variety of tools at its disposal to address concerns with cybersecurity previously signaled by an...more
On May 5, 2016, a federal judge denied Facebook’s attempt to dismiss a consolidated putative class action alleging that Facebook’s “Tag Suggestions” feature violates the Illinois Biometric Information Privacy Act (BIPA)....more
Earlier this week, the Supreme Court issued its highly anticipated decision in Spokeo v. Robins (see our previous posts on the case and oral argument). The United States Supreme Court held that a plaintiff must show that an...more
On April 12, 2016, the U.S. Securities and Exchange Commission (“SEC”) continued its enforcement of reasonable cybersecurity controls, announcing cease and desist proceedings against a broker-dealer and two of its principals...more